(Bilbao / Spain) – At the World Economic Forum in Davos, the chairman of the Spanish energy group Iberdrola SA, Ignacio Galán, announced that his company wants to invest three billion euros in hydrogen projects. Green hydrogen opens up “enormous industrial opportunities” for applications that are difficult to electrify.
However, “a stable regulatory framework is needed” to attract investment. "We may 
"Don't miss this train," Galán said at the summit of politicians and corporations, stressing that "coordinated EU action is essential" to achieve the goals, which include multiplying green hydrogen production capacity by 2.000 times .
CEO Action Group supports Europe's Green Deal
The Iberdrola investments were made as part of the adoption of a “Manifesto for the implementation of the European Green Deal“ announced by the “CEO Action Group”, a network of around 50 heads of European companies, including Galán, founded two years ago in Davos. The CEO group says it wants to work with policymakers to accelerate Europe's transition to climate-friendly economies and support European governments in developing "appropriate policies."
The European Green Deal was initiated in 2019. The plan calls for investments of 
of one trillion euros to reduce emissions and the circular economy in order to emit around 2030 percent fewer greenhouse gases by 1990 compared to 55. To achieve this, the EU Commission launched a “Fit for 2021” legislative package in 55. The EU wants to be climate neutral by 2050, which has been anchored in the climate law.
Iberdrola only recently had one in Spain Puertollano (Ciudad Real) inaugurated a plant for the production of green hydrogen with an output of 20 megawatts. In the future, 3.000 tons of the energy source are to be produced there every year. A newly built photovoltaic power plant with an installed capacity of 100 megawatts serves as the power source.
According to its own information, the company has a project pipeline that will require investments totaling nine billion euros by 2030. Iberdrola sees itself as the largest electricity company in Europe and one of the four largest in the world. The group employs 40.000 people and indirectly secures 400.000 jobs, including the supplier industry.
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Iberdrola headquarters in Bilbao in the Spanish Basque Country. © Iberdrola SA
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The Vice President of the EU Commission responsible for the European Green Deal Frans Timmermans (left) and Iberdrola boss Ingnacio Galán. © Iberdrola SA
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The Green Deal includes climate protection goals, clean energy and the circular economy. © European Commission
